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Just a quick note. The ECB is explicitly........>

ECB
ECB: Just a quick note. The ECB is explicitly linking the PEPP expansion to
lower inflation forecasts due to the pandemic:
"In response to the pandemic-related downward revision to inflation over the
projection horizon, the PEPP expansion will further ease the general monetary
policy stance, supporting funding conditions in the real economy, especially for
businesses and households."
- This seems to be a much more explicit link to the inflation forecasts than has
previously been seen in the 12:45 release. Indeed, when the PEPP was first
announced in March the word "inflation" did not appear in the statement.
- Could this be a nod towards providing the greater rationale and the explicitly
clear linkage to the ECB's inflation target that the German Constitutional Court
has said it requires for ECB actions?

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